The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group (ISDB), successfully concluded its Partners Forum 2019 with catchy slogan of investing for Impact, which was held on the 5th December in Jeddah, Kingdom of Saudi Arabia.
As to the press release of ITFC, the forum Hosted at the Ritz Carlton Hotel, under the auspices of Dr. Bandar Hajjar, President of the Islamic Development Bank Group (ISDB), the one-day event provided delegates with an opportunity to better understand how Islamic Finance across the globe is increasing trade and improving lives, contributing to the United Nation’s Sustainable Development Goals.
In just 11 years, International Islamic Trade Finance Corporation has provided 50 billion USD worth of trade financing in more than 750 financing transactions to all types of clients in member countries
International Islamic Trade Finance Corporation CEO Eng. Hani Salem Sonbol steered far reaching discussions with key partners who assist International Islamic Trade Finance Corporation (ITFC) in achieving its mission as the preferred provider of trade solutions across the Islamic world.
In his opening speech, he reflected on the scale of the International Islamic Finance Corporation’s developmental impact, highlighting how, “In just 11 years, International Islamic Trade Finance Corporation has provided 50 billion USD worth of trade financing in more than 750 financing transactions to all types of clients in member countries. These range from sovereign, public and government-related entities and financial institutions; to banks, private-sector corporations, and Small, Micro enterprises. These investments are improving the lives of people from all walks of life of farmers, workers, traders and poverty-stricken people in 51 members’ countries in Middle East, North Africa, Sub-Sahara Africa, South-Asia and CIS Regions. It is a record that our Partners should be proud of.”
International Islamic Trade Finance Corporation was joined by a host of local, regional and international finance institutions alongside official delegates from Pakistan and other member countries.
Sharing his perspective on the importance of increasing trade among Organization of Islamic Corporation member countries, Muhammad Hammad Azhar, Minister for Economic Affairs, Government of Pakistan, stated, “It is absolutely critical for Organization of Islamic Corporation member countries to strengthen their ties, so that citizens in all of our countries have the chance to improve their lives through free trade and economic opportunity. For Pakistan, there are enormous opportunities to boost exports and enrich value chains with our friends and partners in other regions. The strengthening of regulatory frameworks, financial institutions and support for Small and micro enterprises in growing industries is a priority for us and we look forward to working with international partners to achieve these objectives.”
In addition to Partner banks from Organization of Islamic Corporation member countries attending the Forum, the African Export Import Bank and Saudi-based National Commercial Bank also took part in high-level panel discussions. Closing out the Forum, the top syndication partners of International Trade Finance Corporation were recognized in an awards ceremony.
The Ethiopian Herald Sunday Edition 15 December 2019
BY MEHARI BEYENE
